Who Will Buy Your Stocks?

Zero Hedge highlighted a striking statistic on its website last Wednesday. A chart with data from Investors Intelligence showed that survey reporting bullish sentiment over 60%, and bearish sentiment in the tank. There are four times as many bulls as bears—a high that goes back almost three decades and covers two of the largest asset bubbles in history. Investors are more euphoric than they were at the height of the dotcom and real estate bubbles. With so many bulls already all-in on the stock market, who are the buyers that are going to drive prices up from today’s already lofty levels?